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Biz Org > Chapter 1 > Flashcards

Chapter 1 Flashcards

1
Q

demand

A

the quantity of a product that buyers are willing to purchase at each of various prices

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2
Q

productivity

A

the average level of output per worker per hour

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3
Q

recession

A

two or more consecutive three-month periods of decline in a country’s GDP

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4
Q

microeconomics

A

the study of the decisions made by individuals and businesses

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5
Q

macroeconomics

A

the study of the national economy and the global economy

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6
Q

monetary policies

A

Federal Reserve (banks) decisions that determine the size of the supply of money in the nation and the level of interest rates

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7
Q

cultural (or workplace) diversity

A

differences among people in a workplace owing to race, ethnicity, and gender

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8
Q

profit

A

what remains after all business expenses have been deducted from sales revenue

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9
Q

economy

A

the way in which people deal with the creation and distribution of wealth

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10
Q

factors of production

A

resources used to produce goods and services

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11
Q

entrepreneur

A

a person who risks time, effort, and money to start and operate a business

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12
Q

inflation

A

a general rise in the level of prices

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13
Q

deflation

A

a general decrease in the level of prices

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14
Q

unemployment rate

A

the percentage of a nation’s labor force unemployed at any time

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15
Q

consumer price index (CPI)

A

a monthly index that measures the changes in prices of a fixed basket of good purchased by a typical consumer in an urban area

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16
Q

business cycle

A

the recurrence of periods of growth and recession in a nation’s economic activity

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17
Q

nation debt

A

the total of all federal deficits

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18
Q

competition

A

rivalry among businesses for sales to potential customers

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19
Q

market price

A

the price at which the quantity demanded is exactly equal to the quantity supplied

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20
Q

oligopoly

A

a market (or industry) in which there are few sellers

21
Q

business

A

the organized effort of individuals to produce and sell, for a profit, the goods and services that satisfy society’s needs

22
Q

free enterprise

A

the system of business in which individuals are free to decide what to produce, how to produce it, and at what price to sell it

23
Q

stakeholders

A

all the different people or groups of people who are affected by the policies and decision made by an organization

24
Q

economics

A

the study of how wealth is created and distributed

25
Q

capitalism

A

an economic system in which individuals own and operate the majority of businesses that provide goods and services

26
Q

invisible hand

A

a term created by Adam Smith to describe how an individual’s personal gain benefits others and a nation’s economy

27
Q

market economy

A

an economic system in which businesses and individuals decide what to produce and buy, and the market determine quantities sold and prices

28
Q

mixed economy

A

an economy that exhibits elements of both capitalism and socialism

29
Q

consumer products

A

goods and services purchased by individuals for person consumption

30
Q

gross domestic product (GDP)

A

the total dollar value of all the goods and services produced by all people within the boundaries of a country during a one-year period

31
Q

producer price index (PPI)

A

an index that measures prices that producers receive for their finished goods

32
Q

depression

A

a severe recession that lasts longer than a typical recession and has a larger decline in business activity when compared to a recession

33
Q

fiscal policy

A

government influence on the amount of savings and expenditures; accomplished by altering the tax structure and by changing the levels of government spending
(government’s decision about taxation and spending)

34
Q

federal deficit

A

a shortfall created when the federal government spends more ina a fiscal year than it receives

35
Q

perfect (pure) competition

A

the market situation in which there are many buyers and sellers of a product, and no single buyer or seller is powerful enough to affect the price of that product

36
Q

supply

A

the quantity of a product that producers are willing to sell at each of various prices

37
Q

monopolistic competition

A

a market in which there are many buyers along with a relatively large number of sellers who differentiate their products from the products of competitors

38
Q

product differentiation

A

the process of developing and promoting differences between one’s products and all competitive products

39
Q

monopoly

A

a market (or industry) with only one seller, and there are barriers to keep other firms from entering the industry

40
Q

natural monopoly

A

an industry requiring huge investments in capital and within which any duplication of facilities would be wasteful and this not in the public intrest

41
Q

standard of living

A

a loose, subjective measure of how well off an individual or a society is, mainly in terms of want satisfaction through goods and services

42
Q

barter

A

a system of exchange in which goods or services are traded directly for other goods or services without using money

43
Q

factory system

A

a system of manufacturing in which all the material, machinery, and workers required to manufacture a product are assembled in one place

44
Q

specialization

A

the separation of a manufacturing process into distinct tasks and the assignment of the different tasks to different individuals

45
Q

e-Business

A

the organized effort of individuals to produce and sell through the Internet, or a profit, the products and services that satisfy society’s needs

46
Q

service economy

A

an economy in which more effort is devoted to the production of services than to the production of goods

47
Q

social media

A

the online interaction that allows people and businesses to communication and share ideas, personal information, and information about products or services

48
Q

sustainability

A

meeting the needs of the present without compromising the ability of future generations to meet their own needs

49
Q

command economy

A

an economic system in which the government decides what goods and services will be produced, how they will be produced, for who available goods and services will be produced, and who own and controls the major factors of production

Biz Org (7 decks)

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